Well, federal and state income taxes are due today. I got mine done on time for the first time in years. I don't feel much like celebrating, though, considering the state of the economy and where tax rates are likely to head. Of course, they have already increased over 50% here in Illinois, and if you think that increase is only temporary, well, then Dan Duffy doesn't have a temper. (We love you Dan, just kidding).
Looming on the horizon are big increases in the federal income tax, and not just for the wealthy. Sure, President Obama talks about increases only for the top percentage of wage earners, the "wealthy," but as the Wall Street Journal points out this morning, the 'soak the rich' tax policy simply won't raise enough money... therefore, the Dems are going to be looking for sneaky ways to reach into your pocket, such as ending the mortgage interest tax deduction -- which hits the middle class right in the breadbasket. So, before you think that Obama's talk of tax increases affects just Peter, if you are Paul, you Pauls all might want to hang on to your wallet.